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Nifty Outlook

Markets started the week on a muted note and ended almost unchanged, taking a breather after the recent surge. After the initial uptick, the Nifty index hovered in a narrow band and finally settled around the day’s low to close at 18,332 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein metal, realty and IT posted decent gains. The broader indices also failed to attract much traction and ended flat to marginally in the green

Though we’re just inches away from the record high, the absence of momentum is keeping the participants, especially traders, on their toes. Besides, the lack of broader participation is further adding to their worries. Amid all, we reiterate our view to focus on identifying the top performers from across sectors and utilise intermediate pauses & dips to add them gradually.

News

Grasim Industries reported its Q2FY23 results with its revenue at Rs 27,486 Cr up by 21.8% YoY, its EBITDA came in at Rs 4,278 Cr down by 6.7% YoY and reported a net profit of Rs 2,356 Cr down by 23.1% YoY.

Bharat Forge reported its Q2FY23 results with its revenue at Rs 3,076 Cr up by 29.0% YoY, its EBITDA came in at Rs 432 Cr down by 15.3% YoY and reported a net profit of Rs 146 Cr down by 46.2% YoY.

Abbott reported its Q2FY23 results with its revenue at Rs 1,380 Cr up by 12.9% YoY, its EBITDA came in at Rs 343 Cr up by 31.2% YoY and reported a net profit of Rs 266 Cr up by 41.8% YoY.

Derivative Ideas

Nifty shed 0.11% and closed at 18329.15 on 14th Nov. The index after opening flat consolidated in a narrow range. Nifty FUT saw a reduction in Open Interest suggesting unwinding of longs. With significant Call selling at 18400 and above strikes, we expect NIFTY to find resistance at higher levels thus suggesting selling CE as per the given levels.

Strategy:- SELL NIFTY 24 NOV 18700 CE @ 48-50, STOP LOSS 75, TARGET 10.

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